(a) The local law implementing this subtitle shall provide procedures for review and approval of the issuance of bonds guaranteed by the county government.
(b) (1) The procedures shall include requirements for the County Executive to:
(i) comment on the feasibility of the proposed bond guarantee and each housing project contemplated by the proposed bond guarantee; and
(ii) recommend whether the proposed bond guarantee should be approved and any terms and conditions for approval.
(2) If the County Executive recommends approval, the recommendation shall include a statement that the proposed housing project is fully self-supporting.
(3) (i) Except as provided in subparagraph (ii) of this paragraph, a recommendation by the County Executive to approve the proposed bond guarantee shall be supported by an acceptable independent feasibility study or studies that the Montgomery Commission submits.
(ii) The County Executive may waive the feasibility study requirement for a housing project financed, insured, or assisted by the State or the federal government.